Household wealth rose for the fourth straight quarter (+2.3 per cent or $339 billion) in the September quarter 2023, according to figures released today by the Australian Bureau of Statistics (ABS).
Total household wealth was $15.3 trillion in the September quarter, which was 7.0 per cent ($998 billion) higher than a year ago. This was largely driven by residential land and dwellings, which contributed 1.7 percentage points to quarterly growth.
Mish Tan, ABS head of finance statistics, said: “Household wealth is supported by house prices which have continued to grow despite increases in interest rates.”
The growth in household wealth was also supported by seasonal tax refunds coming in at the start of the financial year, with deposits increasing 3.4 per cent ($52.8 billion) over the September quarter.
Deposits into accessible transaction accounts (known as Transferrable Deposits) made up $24.4 billion of this increase, with most going into offset accounts. Another $26.1 billion was invested in high interest Non-Transferable Deposits, including term deposits.
| Wealth (Net worth) ($b) | Land and dwellings ($b) | Superannuation ($b) | Currency and deposits ($b) | Shares and equity ($b) | Other financial assets ($b) | Liabilities ($b) | |
|---|---|---|---|---|---|---|---|
| Sep-10 | 89.2 | 18.2 | 42.7 | 27.2 | 11.6 | 4.0 | -17.5 |
| Dec-10 | 70.3 | 23.4 | 48.7 | 13.6 | 5.2 | 2.4 | -27.9 |
| Mar-11 | -10.1 | -14.9 | 29.0 | 8.3 | 1.9 | -10.8 | -26.3 |
| Jun-11 | -31.2 | 9.0 | -1.4 | 0.5 | -8.9 | -2.8 | -28.6 |
| Sep-11 | -211.5 | -130.1 | -71.1 | 23.6 | -15.3 | -4.5 | -14.2 |
| Dec-11 | 7.1 | -16.6 | 15.5 | 15.4 | 4.7 | 0.2 | -14.6 |
| Mar-12 | 101.7 | 26.5 | 65.1 | 10.2 | 18.4 | -3.1 | -16.5 |
| Jun-12 | 146.4 | 28.3 | 123.0 | 9.1 | -4.3 | 13.6 | -23.9 |
| Sep-12 | 60.9 | -15.0 | 51.0 | 22.5 | 15.8 | -4.0 | -10.5 |
| Dec-12 | 179.2 | 105.9 | 58.3 | 12.6 | 14.6 | -2.5 | -14.5 |
| Mar-13 | 145.1 | 54.4 | 68.0 | 9.7 | 22.9 | 1.0 | -14.6 |
| Jun-13 | -1.7 | 78.6 | -52.5 | 6.4 | -3.0 | 1.3 | -36.2 |
| Sep-13 | 212.0 | 83.3 | 88.4 | 26.3 | 21.0 | -0.5 | -11.4 |
| Dec-13 | 234.8 | 173.2 | 53.3 | 20.4 | 8.7 | 7.9 | -37.8 |
| Mar-14 | 138.1 | 76.5 | 46.1 | 9.7 | 19.4 | -1.4 | -19.7 |
| Jun-14 | 116.6 | 94.9 | 26.2 | 7.0 | 15.3 | 4.1 | -38.0 |
| Sep-14 | 164.0 | 82.6 | 51.3 | 29.5 | 13.1 | -0.7 | -19.6 |
| Dec-14 | 261.6 | 169.2 | 59.6 | 25.5 | 24.6 | 1.9 | -30.3 |
| Mar-15 | 263.3 | 125.0 | 106.0 | 13.9 | 34.9 | 7.6 | -32.0 |
| Jun-15 | 202.0 | 224.7 | 12.3 | 6.4 | 0.1 | -5.0 | -42.4 |
| Sep-15 | 122.5 | 129.6 | -24.5 | 37.2 | 0.9 | -2.5 | -22.0 |
| Dec-15 | 150.2 | 46.6 | 76.4 | 19.6 | 30.4 | -2.7 | -25.8 |
| Mar-16 | -14.2 | 9.6 | -18.7 | 12.8 | 3.6 | 1.9 | -26.2 |
| Jun-16 | 281.8 | 137.3 | 149.0 | 10.6 | 16.2 | 8.1 | -41.9 |
| Sep-16 | 230.7 | 125.7 | 79.3 | 25.3 | 23.7 | 3.1 | -30.1 |
| Dec-16 | 335.9 | 258.0 | 48.6 | 24.9 | 22.8 | 0.4 | -26.4 |
| Mar-17 | 231.6 | 160.4 | 63.2 | 9.8 | 20.8 | 1.6 | -29.9 |
| Jun-17 | 154.6 | 170.0 | 16.7 | 1.4 | 4.2 | -0.5 | -41.2 |
| Sep-17 | 27.6 | 14.3 | -3.4 | 21.7 | 11.8 | 6.6 | -26.8 |
| Dec-17 | 286.0 | 167.9 | 95.7 | 13.5 | 26.4 | 9.3 | -33.1 |
| Mar-18 | -14.5 | 17.1 | -16.6 | 10.0 | 2.2 | 0.3 | -30.8 |
| Jun-18 | 87.3 | -26.3 | 107.9 | 1.5 | 21.9 | 11.8 | -31.2 |
| Sep-18 | 33.6 | -51.1 | 47.7 | 28.2 | 18.8 | 5.1 | -16.0 |
| Dec-18 | -206.3 | -61.0 | -111.3 | 9.5 | -7.5 | -9.0 | -31.0 |
| Mar-19 | 56.9 | -119.6 | 142.6 | 5.4 | 33.6 | 14.4 | -20.2 |
| Jun-19 | 318.0 | 68.6 | 220.6 | 4.3 | 27.8 | 13.1 | -15.3 |
| Sep-19 | 335.1 | 225.9 | 63.2 | 25.9 | 16.9 | 11.3 | -6.2 |
| Dec-19 | 288.0 | 218.8 | 62.1 | 12.9 | 13.0 | 2.3 | -23.8 |
| Mar-20 | -250.7 | 106.0 | -275.5 | 18.2 | -63.2 | -16.6 | -21.6 |
| Jun-20 | 231.6 | -23.8 | 166.6 | 35.1 | 32.3 | 25.5 | -6.3 |
| Sep-20 | 336.7 | 221.9 | 38.1 | 65.5 | 7.5 | 2.7 | -5.1 |
| Dec-20 | 626.1 | 376.2 | 167.0 | 27.3 | 54.0 | 11.7 | -24.4 |
| Mar-21 | 552.8 | 457.0 | 68.6 | 13.5 | 28.2 | -1.2 | -27.0 |
| Jun-21 | 576.0 | 429.4 | 119.1 | 5.9 | 35.0 | 24.0 | -52.7 |
| Sep-21 | 732.4 | 600.4 | 60.8 | 75.0 | 26.1 | 7.7 | -53.5 |
| Dec-21 | 720.6 | 587.5 | 93.0 | 47.7 | 21.1 | 6.5 | -57.2 |
| Mar-22 | 167.3 | 196.2 | -54.0 | 33.7 | 21.6 | -7.1 | -40.7 |
| Jun-22 | -402.6 | -39.9 | -293.5 | 6.2 | -22.7 | -15.4 | -50.6 |
| Sep-22 | -222.4 | -262.9 | -10.7 | 53.0 | 15.0 | 5.9 | -31.0 |
| Dec-22 | 223.8 | 64.1 | 113.9 | 33.8 | 35.4 | 6.9 | -41.9 |
| Mar-23 | 182.4 | 53.7 | 106.8 | 26.9 | 21.3 | 3.1 | -34.7 |
| Jun-23 | 252.7 | 219.5 | 48.7 | -5.9 | 17.1 | 15.0 | -43.3 |
| Sep-23 | 339.4 | 277.5 | 5.0 | 53.1 | 33.8 | -4.8 | -26.4 |
There were impacts across financial markets as the initial allowance of the Term Funding Facility (TFF) matured on 30 September 2023. Banks exchange settlement accounts with the Reserve Bank of Australia fell $53.7 billion, as the $79.8billion of securitised bonds used to secure the funding returned to bank balance sheets. To ensure banks still met liquidity requirements, they acquired $20.7 billion of Semi Government Bonds.
“The TFF was a key source of funding for banks through the COVID-19 pandemic. With the first tranche now maturing, banks are returning to traditional sources of funding, issuing $14.0 billion worth of bonds domestically and $9.3 billion of one name paper offshore,” Dr Tan said.
| Other private non-financial businesses ($b) | Households ($b) | General government ($b) | Other ($b) | |
|---|---|---|---|---|
| Sep-10 | 15.3 | 17.0 | 18.3 | 5.7 |
| Dec-10 | 20.9 | 23.5 | 13.4 | -0.4 |
| Mar-11 | 7.1 | 21.5 | 17.7 | 1.8 |
| Jun-11 | 5.9 | 27.2 | 18.6 | -2.4 |
| Sep-11 | 30.1 | 7.5 | 23.4 | -2.8 |
| Dec-11 | -3.7 | 16.8 | 21.6 | 6.1 |
| Mar-12 | 27.6 | 11.9 | 18.8 | 4.5 |
| Jun-12 | 16.0 | 22.8 | 10.7 | -0.4 |
| Sep-12 | 16.3 | 4.7 | 26.8 | 3.4 |
| Dec-12 | 14.8 | 15.9 | 12.0 | 6.5 |
| Mar-13 | 24.8 | 12.3 | 8.6 | 1.3 |
| Jun-13 | 37.4 | 28.8 | -6.2 | 5.0 |
| Sep-13 | 26.1 | 3.7 | 28.9 | -0.3 |
| Dec-13 | 38.6 | 32.5 | 22.5 | 9.4 |
| Mar-14 | 7.9 | 18.7 | 20.1 | 0 |
| Jun-14 | 32.3 | 36.1 | 6.9 | 8.7 |
| Sep-14 | 33.6 | 13.6 | 24.2 | -6.1 |
| Dec-14 | 35.4 | 26.8 | 8.9 | 3.1 |
| Mar-15 | 43.2 | 25.1 | 16.1 | 7.4 |
| Jun-15 | 27.0 | 39.3 | 5.3 | 11.8 |
| Sep-15 | 39.7 | 12.3 | 36.4 | 3.8 |
| Dec-15 | 33.4 | 23.2 | 2.1 | 7.9 |
| Mar-16 | 30.4 | 25.1 | 22.0 | 3.4 |
| Jun-16 | 11.1 | 34.7 | 2.5 | 2.7 |
| Sep-16 | 20.3 | 28.5 | 25.8 | 6.0 |
| Dec-16 | 56.5 | 20.7 | 19.0 | -7.6 |
| Mar-17 | 6.3 | 21.6 | 18.9 | 4.4 |
| Jun-17 | 38.0 | 40.6 | 19.6 | 1.2 |
| Sep-17 | 33.4 | 18.0 | 5.4 | 6.0 |
| Dec-17 | 30.9 | 27.7 | 15.7 | 5.2 |
| Mar-18 | 39.0 | 19.6 | 6.3 | 3.7 |
| Jun-18 | 14.0 | 27.5 | 10.1 | 2.9 |
| Sep-18 | 67.0 | 11.1 | 5.9 | 9.1 |
| Dec-18 | 8.8 | 25.7 | 6.1 | 3.0 |
| Mar-19 | 35.5 | 15.3 | -0.3 | 5.4 |
| Jun-19 | 38.8 | 4.0 | 12.3 | -3.6 |
| Sep-19 | 18.1 | -0.1 | 25.8 | 4.5 |
| Dec-19 | 21.0 | 19.3 | 15.7 | 6.0 |
| Mar-20 | 49.7 | 3.9 | 35.6 | 5.4 |
| Jun-20 | -7.2 | 14.6 | 136.2 | 9.4 |
| Sep-20 | 0.3 | 5.5 | 144.0 | 7.9 |
| Dec-20 | 1.8 | 22.1 | 30.2 | 11.0 |
| Mar-21 | 16.0 | 24.5 | 20.2 | 6.4 |
| Jun-21 | 9.1 | 48.8 | 6.8 | 19.6 |
| Sep-21 | 54.8 | 40.6 | 50.1 | 9.6 |
| Dec-21 | 32.4 | 53.6 | 22.0 | 16.2 |
| Mar-22 | 165.4 | 41.1 | 13.5 | 12.4 |
| Jun-22 | 42.9 | 53.6 | 48.3 | 16.2 |
| Sep-22 | 73.4 | 26.0 | 10.5 | 7.4 |
| Dec-22 | 18.5 | 31.6 | 7.2 | 0.1 |
| Mar-23 | 40.8 | 18.9 | 17.7 | 10.0 |
| Jun-23 | -3.1 | 42.6 | -7.5 | 5.3 |
| Sep-23 | 46.5 | 13.9 | 18.5 | 11.2 |
Total demand for credit was $90.2 billion, driven by Private non-financial businesses ($46.5 billion), General Government ($18.5 billion), and Households ($13.9 billion).
